The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-06-15
JULY WHEAT TAKES A TUMBLE
OF OVER TEN CENTS.
THREE FIRMS, ONE A CLIQUE" HOUSE
FORCED TO SUSPEND.
A Decline In June Of Twenty Cents Ever on'
Wanted to Unload, No One Wanted the
Grain-The Close Stronger.

tHItAGO, t&iihf w -
terday on the Chicago Board of Trade
was followed by whirlwind of excite
ment this morning. Traders had just
nicely caught their breath and steadied
their nerves after the break of Saturday
when a second earthquake came. 1t was
the wheat pit scare of Saturday enlarged
and intensified. The liberal takings of
July wheat yesterday by clique made
that future steady at or about 81 cents
per bushel. Outside traders talked
themselves into the belief that the com
bination permitted the sharp decline on
Saturday for a purpose, and that
they were about to buy NJ
July as they have already done
May and June. Many became tail
ers,r scalpers became active, and it
looked as if the worst We're past and
that the lowest point for July had been
reached when the three cent drop of Sat
urday occurred, but outside forces were at
work for the bears. Thousands of ears
were standing ON side tracks, elevators
were all filled to bursting, tremendous re-
ceipts were reported, and every thing
pointed to more wheat-millions more
in the near future. Such We're the con
ditions when traders went on change
this morning.
JULY GOES TUMBLING.
For the first offerings of July wheat,
there was no takers. 1t was offered un-
der the supposed market and still there
were no takers. The fears that took
hold upon the bulls at the close of last
week again made them quake. The up
rolr grew intense in the wild efforts to
sell wheat. July dropped from S3f cents
to 50 cents while men were thinking
what to do. Every one wanted to I'M
load but no one wanted wheat. In less
time than it takes to tell the story July
was offered at S0a cents or 3 cents less
than the closing price yesterday. 1t
was short storm but terrible in its
effects on the crowd, and traders
crawled out of the pit dripping with
perspiration and weak from excitement.
There was talk of failures, but none
were announced. to add to the feverish
condition of things. Then for an hour
there was slight rally and July sold up
to S14 cents.
THE BOARD FRANTIC.
This was but a Iull in the storm. AT
IL a. IN. the indicator for July showed
it was again selling down, and in fifteen
minutes it was offered at 20 cents-4s
cents below the opening an hour before.
third ttyn, at the
hour, and July sold down to 764 cents,
or It cents below the opening price. The
entire board was little less than pande-
monium and the bears declared it a just
retribution on the bullish wheat manip-
ulators.
Rumors have reached here that there
was run on bank in Cincinnati
where the headquarters of the ''longs"
are supposed to be situated. Margins
were freely called and heavy deposits
demanded.
Chicago banks, it was said, refused to
advance any more money ON wheat, and
late in the session it was stated that the
checks of some of the parties interested
on the ''long' side had been refused.
At 1870 came the startling announce
ment that all persons having trades with
Rosenfield x Co., one of the clique
houses, should close them at once. The
uproar had not subsidized when July
wheat took fourth and the worst turn
of the day, and dropped for a moment
to "A cents, and closed for the morning
session at 14f cents.
Trouble was expected on margins al
Kershaw's, and the crowd was ready fol
anything short of an earthquake
Throngs of people pushed in from thu
streets and the gallery was filled will
an excited throng of men and women
1t was . morning session to he remem
bered as long as wheat. grows.
The intermission at O'Clock gave TIN
members a chance to catch their breath
and when the afternoon session wa
called the excitement had somewha
abated.
TWO MORE SUSPENSIONS.
At eco O'Clock it was officially an
Hamill Il Brine requested al
parties having trades with then
to close them out at once
The instant this ann ouncemen
was made. July wheat dropped to 73t
but soon recovered and went back to "A
Five minutes later Secretary Ston
raped the tumultous crowd To order an,
read the following from the leadin,
clique house of c. j. Kershaw & Co. !:
1--WE have assurance that margins an,
ample fund will be forthcoming by t.
morrow morning, and we request tina
no trades be closed out.
The announcement was received wit
cheers and in a few minutes July whea
was selling at 15s. The lowest figur
touched by July wheat during the da
was 1O4 cents under yesterdays close.
JUNE FLUCTUATES WILDLY.
Although the ,chief excitement o
the day was in July, yet June whea
sold with the widest fluctuations fror
-9a down to 30, up to 81, and then b
Jumps down to 73, when slight n
action occurred. The lowest tigur
touched by June was about 20 cen
under yesterdays closing price. Jun
closed at 14S. Deferred futures decline
less sharply, but during the mornin
dropped about 2t for August and Sci
tember.
CORN SYMPATHIZES WITH WHEAT.
Corn was active, weak and fiuctu'